BANGALORE- London copper prices were little changed on Thursday after rebounding from 5-1/2-month lows in the previous session, as concerns about demand from top consumer China overshadowed optimism about a deal to extend the US debt ceiling.
Three-month copper on the London Metal Exchange was steady at $8,308, after dropping to its lowest since Nov. 30 at $8,088.50 a tons on Wednesday.
The most-traded copper contract on the Shanghai Futures Exchange climbed 2.3 percent to 65,800 yuan ($9,519.54) a tons.
US President Joe Biden and top US congressional Republican Kevin McCarthy on Wednesday expressed optimism over reaching a deal to raise the federal government’s $31.4 trillion debt ceiling.
Biden will continue talks with congressional leaders on the nation’s debt limit later this week, aiming to avoid a default that if breached could push the US economy into a recession.
In top metals consumer China, industrial output and retail sales grew slower than expected last month, reinforcing concerns of a spillover into the wider global economy and a drop in demand for industrial metals.
